$716K is the average house price in Canada. Here’s what you can get for that

The pandemic hit many industries in Canada. Real estate is not one of them.

Property prices are rising rapidly, according to the Canadian Real Estate Association’s MLS system. The average national price is currently $ 716,828. That is 31.6 percent more than in a year, the largest annual increase in its history. Prices have not curbed demand either; Sales in March increased by 70 percent compared to the previous year.

According to Leo Otto, a real estate appraiser, price increases aren’t just limited to hot areas like Toronto. He says the pandemic has released shoppers from Toronto and its commuter suburbs and driven the real estate hype to smaller cities like London, Ontario and Windsor.

“You get the lifestyle, you get bigger plots, you get more bang for your buck in the apartment,” he said.

What do you get for nearly three quarters of a million dollars in Canada? On April 26th and 27th, CBC went through the listings and found properties across the country whose prices are in line with the national average. Some city centers had no homes for sale around $ 716,000. In this case, cheaper houses were selected.

Vancouver

For $ 716,000, buyers have a hard time finding anything other than a one-bedroom condo like this, which was listed for $ 719,000. Still, the hot market has led the provincial property watchdog and regulator to warn buyers to do their research and be aware of the risks before bidding.

(Colin Lo / Personal Real Estate Corp./Oakwyn Realty / Realtor.ca)

(Colin Lo / Personal Real Estate Corp./Oakwyn Realty / Realtor.ca)

(Colin Lo / Personal Real Estate Corp./Oakwyn Realty / Realtor.ca)

Calgary

The reference price – the typical home price – in Calgary rose to $ 441,900 in March. This townhouse, which is on the market for $ 719,900, has four bedrooms and three bathrooms, far more than what you could buy in Vancouver for a similar price.

(Lawrence Tian / Skyrock / Realtor.ca)

(Lawrence Tian / Skyrock / Realtor.ca)

(Lawrence Tian / Skyrock / Realtor.ca)

Regina

Priced at $ 719,000, this property offers enough space for an exercise area, a selling point for many people in the pandemic. The Saskatchewan market has exploded as people look for bigger houses during the pandemic. “Last February was the busiest February in the history of any MLS in Saskatchewan,” said Tanya LaRose of Royal LePage Varsity.

(Christen Johnson / Realty Executives Diversified / Realtor.ca)

(Christen Johnson / Realty Executives Diversified / Realtor.ca)

(Christen Johnson / Realty Executives Diversified / Realtor.ca)

Winnipeg

According to the Manitoba Real Estate Association, the median sales price of Winnipeg last month was $ 318,074. For $ 699,900, a potential buyer could own a large five bedroom home. The association says fewer properties are coming onto the market, which is driving prices up.

(Cory Werenich / Lila Brick / Realtor.ca)

(Cory Werenich / Lila Brick / Realtor.ca)

(Cory Werenich / Lila Brick / Realtor.ca)

Toronto

Elsewhere in the country, $ 720,000 could get you a lot. Not so in Toronto, where you’re more likely to find an apartment like this one that has a small outdoor balcony. Sales in the region hit a record 15,652 in January, up 97 percent from 7,945 in the same period last year.

(Jonathan Pierre David / PG Direktimmobilie / Realtor.ca)

(Jonathan Pierre David / PG Direktimmobilie / Realtor.ca)

(Jonathan Pierre David / PG Direktimmobilie / Realtor.ca)

Windsor

This property is on the market for $ 699,000. Windsor prices have risen due to the influx of buyers from hotspots like Toronto. Leo Otto, the real estate appraiser, is forecasting a weakening of the market this winter, but no major correction.

(Sanja Bojovic / Manor Windsor Realty / Realtor.ca)

(Sanja Bojovic / Manor Windsor Realty / Realtor.ca)

(Sanja Bojovic / Manor Windsor Realty / Realtor.ca)

Montreal

At 967 square feet, this apartment is significantly larger than the one in Toronto and Vancouver. It also has a more spacious terrace with a view. Still, buyers in Montreal are likely to only find maisonettes and condos that sell at national average prices. This is listed for $ 715,000.

(Emmanuel Samedy / REMAX / Realtor.ca)

(Emmanuel Samedy / REMAX / Realtor.ca)

(Emmanuel Samedy / REMAX / Realtor.ca)

Moncton

Newcomers to driving the New Brunswick real estate boom will find their dollars go way up. The buyer even gets a wine cellar for this property, which is listed at $ 699,000. The province’s real estate market is so hot that previously ignored vacant lots, half-built buildings, and vacant building lots are suddenly being cleaned up.

(Maxime LaRochelle / Exit Realty Associates / Realtor.ca)

(Maxime LaRochelle / Exit Realty Associates / Realtor.ca)

(Maxime LaRochelle / Exit Realty Associates / Realtor.ca)

Halifax

This three bedroom townhouse is on the market for $ 695,000 and is just a short walk from downtown. According to the Nova Scotia Association of Realtors, 1,577 units were sold across the province last month, a new sales record for the month of March and an increase of more than 65 percent from March 2020.

(Jim MacDonald / Press Realty / Realtor.ca)

(Jim MacDonald / Press Realty / Realtor.ca)

(Jim MacDonald / Press Realty / Realtor.ca)

Charlottetown

According to the Prince Edward Island Real Estate Association, the average cost of home ownership increased 21.9 percent year over year, frustrating islanders looking to buy their first home. This property has a river view and is listed at $ 695,000.

(Michael Poczynek / Century 21 Northumberland Realty / Realtor.ca)

(Michael Poczynek / Century 21 Northumberland Realty / Realtor.ca)

(Michael Poczynek / Century 21 Northumberland Realty / Realtor.ca)

Saint John

This home, built in 1895, has recently been renovated with high quality details and mill work that can be seen in the living and dining room. It’s on the market for $ 699,999. The provincial housing market remains hot despite the negative economic outlook. Brokers believe some of this is being propelled by Newfoundlands looking to return from other provinces.

(Amanda Ryan / eXp Realty / Realtor.ca)

(Amanda Ryan / eXp Realty / Realtor.ca)

(Amanda Ryan / eXp Realty / Realtor.ca)